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| Agribank is the first institution to have sold its bad debts to VAMC this year. Photo danviet.vn |
HA NOI (Biz Hub) — Vietnam Asset Management Company (VAMC) today purchased more than VND1,600 billion (US$76.2 million) of Agribank's bad debts using its bonds, said a VAMC leader.
Agribank is the first institution to have sold its bad debts to VAMC. Sacombank and SHB may be the next banks to sell their bad debts to VAMC this year.
The VAMC has been verifying the procedures necessary to buy debts from commercial banks. As planned, the company will issue bonds as much as VND30 trillion ($1.4 billion) to buy debt from now until the end of this year. — VNS